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Suppose a representative agent has a utility function involving consumption and labour supply of the form U=ln(C)-2L^2
(i) The agent is a ‘yeoman farmer', that produces their own output with a production function C=Y=AL^α, where Y is output per head. Derive the optimal level of labour supply, and comment on illustrate what it implies for the relationship between labour supply and productivity growth
Compute the gain from trade but you should discuss how comparative advantage is used.
It is the measure adopted by the Government for its UK inflation target. The Bank of England's Monetary Policy Committee is required to achieve a target of 2 per cent. Inflation is the percentage change in the index compared with the same month one..
Elucidate the macroeconomic and microeconomic concepts and how they relate to the management of a global organization.
Illustrtae what are the advantages and limitations of International Trade identified in the simulation.
Utilize a various example from homes and cars. Be creative. We make these kinds of choices everyday.
Explain why do you think 75 percent of the participants voted against the proposal.
Find out average fixed costs when the firm produces 50 widgets per day. Find out average total and variable costs for producing 49 widgets.
Illustrate what measures can the Indian government, international organizations, the mulitinationals take to help the industry revive.
Assume market demand and supply are given. Equilibrium price of X is $100 per unit then producer surplus is.
Assume the Sri Lanka government awarded contracts to private companies to rebuild the countryâ.
Illustrate what appears to be the major constraint that the central banks used to determine the limits of the monetary injections into the economy.
Illustrate what would happen to general and specific training in labor markets.
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